View - CTS Corp.

CTS Corporation
Definition of Financial Term Adjusted Return on Invested Capital
2012
Operating earnings / (loss)
$
26.7
2011
$
25.2
Full Year
2010
$
27.8
2009
$
(17.8)
2008
$
30.9
Charges (credits) to reported operating earnings:
Restructuring and asset impairment charges
Additional Legal Costs
Gain on sale-leaseback
Goodwill Impairment
Additional CEO search, legal costs and acquisition
Total adjustments to reported operating earnings
Adjusted operating earnings
$
* Tax rate
8.5
(10.3)
4.0
3.1
0.3
-
1.7
-
2.2
33.2
-
6.1
-
2.2
3.5
1.7
35.4
6.1
28.9
$
25% *
$
21% *
22% *
20% *
$ 247.5
50.4
(51.2)
246.7
$ 277.5
80.0
(44.6)
312.9
Prior Year:
Shareholders' equity
Long-term debt**
Notes payable and current portion of LT debt
Less: Cash
Invested capital
$ 263.3
74.4
(76.4)
261.3
$ 274.3
70.0
(73.3)
270.9
$ 247.5
50.4
(51.2)
246.7
$ 277.5
80.0
(44.6)
312.9
$ 326.4
68.3
1.0
(52.9)
342.8
Adjusted invested capital
$ 254.7
$ 266.1
$ 258.8
$ 279.8
$ 327.9
$ 576.9
21.8
Sales
Adjusted invested capital
Invested capital turns (b)
$ 576.9
254.7
2.26
$ 588.5
22.6
3.8%
3.8%
$ 588.5
266.1
2.21
8.6%
* For 2012, 2011, 2010, 2009 & 2008, Tax rates are Adjusted Effective Tax Rates
** 2012 debt was reduced by $63.5 million that was used to fund the D&R acquisition.
8.5%
$ 552.6
23.0
4.2%
$ 552.6
258.8
2.14
8.9%
14.1
12% *
$ 274.3
70.0
(73.3)
270.9
8.9%
$
37.0
$ 263.3
74.4
(76.4)
261.3
Sales
Tax effected adjusted operating earnings
Tax effected adjusted operating margin as a
percentage of sales (a)
23.0
$
$ 267.8
90.0
(109.6)
248.2
8.5%
$
17.6
Invested Capital:
Current Year:
Shareholders' equity
Long-term debt
Notes payable and current portion of LT debt
Less: Cash
Invested capital
8.6%
22.6
$
$
Adjusted return on invested capital (a) x (b)
$
29.5
Tax effected adjusted operating earnings
Adjusted return on invested capital
21.8
28.7
5.0%
$ 499.0
14.1
2.8%
$ 499.0
279.8
1.78
5.0%
$
32.6
9.9%
$ 691.7
32.6
4.7%
$ 691.7
327.9
2.11
9.9%